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Greek Stock Surge 7%, On Hopes Of €172B Rescue Plan Extension

Greece, EUGreek stocks were surging over 7% in early trade on Tuesday morning following a submitted listed of reforms to EU creditors around midnight on Monday from Athens.

Should the reforms get the green light, this will pave the way for an extension of the country’s €172 billion bailout until June.

The government of Greece sent a list of economic reform plans to creditors around midnight, according to Reuters, whom cited a source close to the European Commission.

“This list is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review,”according to the source, Reuters reported. Such plans are a condition for extending the bailout of Greece for an additional four months.

Jeroen Dijsselbloem, the head of the Eurogroup, told AP that he had received the list last night “on time” and that “it is being assessed at the moment by the institutions.”

A teleconference of the eurozone’s 19 finance ministers could take place later, Dijsselbloem added, if the representatives from the Commission, European Central Bank and International Monetary Fund are positive on the reform plans.


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